Applying for a mortgage when you are self-employed can be more difficult than it is when you’re earning wages or a salary. That’s because it can be hard to demonstrate your ability to repay a mortgage to a prospective lender.
When you’re in traditional employment, proving your income is as simple as producing a payslip from your company. However, when you’re self-employed, many banks will ask you for a full set of financial accounts so that they can see a reliable history of your earnings. But because accountants often prepare financial accounts with tax minimisation in mind, these reports can be detrimental to your cause when you’re applying for a loan.
So, if you’re self-employed and looking for mortgage finance, come and talk to us first. We can help in two ways. Firstly, we can interpret your financial accounts to show a lender your true ability to repay a mortgage. Secondly, we can present your application to lenders who specialise in mortgage finance for self-employed individuals, and to banks who have more flexible rules when it comes to self-employed borrowers, such as only requiring one year of trading records.
We’ll use our expertise to recommend the right lender and the right mortgage to help you get into a home.